Binance Invests $12M in Liquidity Provider WOO Network
Industry News
WOO Network, a decentralized finance (DeFi) liquidity provider, has secured an extra $12 million in a Series A+ fundraising round headed by Binance Labs, according to a press statement issued by the exchange.
Binance’s venture capital arm opted to invest $12 million in the DeFi initiative in order to deepen their “long-standing partnership,” according to the statement. Bill Chin, Binance Labs’ head of investments, noted in a statement:
“As the world’s largest cryptocurrency exchange, Binance understands the value of liquidity platforms and looks forward to investing in and cooperating with industry leaders like WOO Network.”
The WOO Network began providing liquidity on the Binance Smart Chain (BSC) last year when it debuted its WOOFi Swap service, which uses the liquidity network and institutional market-making techniques to optimize pricing and eliminate slippage. The $12 million will be used to assist the creation of new decentralized products, as well as talent acquisition, research, and development.
More than 40 institutions, exchanges, wallets, decentralized apps, and trading teams rely on WOO Network for liquidity. The DeFi platform, which has been supporting the BSC network since 2021, was incubated in 2019 and now offers liquidity to a number of well-known networks, including 1inch, ParaSwap, Dodo, and DYDX.
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